EUR/JPY rallies should struggle near 120.40 – Commerzbank

Occasional bullish attempts in EUR/JPY are seen struggling in the 120.40 region, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/JPY has reached the 5 month uptrend at 119.50 and this guards the 118.25 24th February low and the 116.92 2016 to 2017 uptrend. Intraday rallies are indicated to fail circa 120.40”.

“Above the 4 month downtrend lies another downtrend at 123.88 and the 124.08 December high”.

“Above the 4 month resistance line at 122.72. Initial resistance lies at 121.84, the 21st March high”.